Better to sell now and pay the 20% cap gains tax than wait for it all to tank back to normal PE of 15? We are in uncharted territory anyway what with authoritarianism, tariffs, dwindling labor market, lower growth than prior year, and inflation ticking up. Thoughts? For context I own $1.4M in ETFs + Broadcom and some BDCs with $134K in unrealized gains. I'm retired and pull out about $5K a month for living expenses and have only about 6 months of it in cash. Maybe sell enough for 3 years? Although the upcoming / currently unfolding climate disasters/crisis will get worse and severely limit GDP growth worldwide and also impair housing values, as houses become uninsurable. Maybe sell half of it so I have more than enough in cash and the remainder can withstand a 25% decline (or more) as the world economy starts to sputter and fold. Anyone else tracking the macroeconomics? Anyone else read "Megathreats?" [https://www.google.com/search?q=megathreats&rlz=1C1CHBF\_enUS1000US1000&oq=megathreats&gs\_lcrp=EgZjaHJvbWUqCggAEAAY4wIYgAQyCggAEAAY4wIYgAQyBwgBEC4YgAQyBwgCEAAYgAQyBwgDEAAYgAQyBwgEEAAYgAQyBggFEAAYHjIGCAYQABgeMgYIBxAAGB4yBggIEAAYHjIGCAkQABge0gEIMjQ5N2owajeoAgCwAgA&sourceid=chrome&ie=UTF-8](https://www.google.com/search?q=megathreats&rlz=1C1CHBF_enUS1000US1000&oq=megathreats&gs_lcrp=EgZjaHJvbWUqCggAEAAY4wIYgAQyCggAEAAY4wIYgAQyBwgBEC4YgAQyBwgCEAAYgAQyBwgDEAAYgAQyBwgEEAAYgAQyBggFEAAYHjIGCAYQABgeMgYIBxAAGB4yBggIEAAYHjIGCAkQABge0gEIMjQ5N2owajeoAgCwAgA&sourceid=chrome&ie=UTF-8)
Also you should read the Financial Times articles about how FOMO is really driving the market. It's completely oversold and I'm going to sell half my portolio here in a bit. From what I'm reading in your comments most of you seem to be suffering from FOMO and think things will continue in the future as they have in the past. I'm not that confident. But will move 1/3 - 1/2 my money overseas.